The Community and Business Development Department is devoted to promoting the growth of small businesses in Winston-Salem. Budding entrepreneurs approach the department weekly for assistance in writing business plans and the steps involved in starting a business.
In an effort to broaden our reach, the department will host its third Business Plan Contest. The informational kick-off meeting was held at 6:00 pm in the Public Meeting Room on the 5th floor of the Stuart Municipal Building located at 100 E. First Street. If you could not make it, the updated information below reflects what was covered.
Each of the two winners will receive:
Business Department staff is happy to provide technical assistance and feedback to participants.
To be eligible for the contest, submissions must be for for-profit micro-businesses (5 employees or less) and potentially be located within the NRSA (Neighborhood Revitalization Strategy Area). This area has been identified by the City of Winston-Salem as being prime for needed development and investment.
Lastly, the proposed business must create low- to moderate-income jobs and/or provide benefit to the low-to moderate-income community.
Timeline for the contest
- Thursday, January 7- Informational kick-off meeting.
- February 4 - Business Proposals due (2-page maximum)
- Mail, e-mail, fax, or deliver to the CBD Office. Only typed documents accepted.
- For e-mail submissions:
- Business Proposals must be attached to e-mail in Word of PDF form and not written in the body of the email
- Include "Business Plan Contest" in the subject line
- Send to email@example.com
- Submissions will be reviewed and the most viable business plans will move to the final round
- Staff will be available for technical assistance throughout the contest
- May 12 - Complete business plans are due from finalists for evaluation by the Small Business Loan Review Committee
- Winner of the contest will be announced early July
- Entrepreneurs that do not win will still receive business plan critiques and have the opportunity to apply to the Small Business Loan Program. Staff will also be happy to continue providing technical assistance.
Business Proposal Format Instructions
Limited to 2 single-spaced pages and due February 4, 2016.
While a complete business plan contains detailed information on the topics below, the purpose of the Business Proposal is to capture the interest of the reader and cover the highlights of your proposed business concept.
Your Business Proposal should cover the following highlights of your concept:
- Business Idea - Describe your business concept clearly and concisely
- Competitive Advantage - Describe how your produce or service differs from the competition
- Team Members - Describe the job roles of key members of your business team
- Target Market - Describe the intended market for your product or service (demographic, geographic, etc.)
- Marketing Plan Outline - Describe your promotion and advertising plan
- Operational Plan Outline - Describe the labor and equipment requirements and how the business operates day-to-day
- Financial Overview - Describe your estimated project cost and start-up requirements
- Opportunities & Challenges - Outline the opportunities and challenges facing your business
Mail Submissions to:
"Business Plan Contest"
City of Winston-Salem
Community and Business Development Department
P.O. Box 2511
Winston-Salem, NC 27102
Fax: (336) 747-9402
If you are interested in joining or learning more about the Business Plan Contest, please contact Steven Harrison, Economic Development Specialist at (336) 747-7474 or firstname.lastname@example.org.